1

Construction of Naoetsu LNG Receiving Terminal

November 15, 2011

INPEX CORPORATION

Contents

■General Outline of “INPEX” Business, and Position of Naoetsu LNG Receiving Terminal in our Business

■Overview of Naoetsu LNG Receiving Terminal

■Construction Schedule of Naetsu LNG Receiving Terminal

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

2

General Outline of “INPEX” Business, and Position of Naoetsu LNG Receiving Terminal in our Business

3

Corporate Profile

The mission of the INPEX is to provide a stable and efficient supply of energy to customers by exploring and developing oil and natural gas resources both domestically and throughout the world. Through its business, we aim to become an integrated energy company, whichcontributes to our community and makes it more livable and prosperous.

■ Mission and Vision

■ Overview (as of end of March 2011)

Capital : ¥290,809,835,000Number of Employees : 1,854 (Consolidated)Stock DataCommon shares : 38,753 shareholders/3,655,809 sharesSpecial-class share : 1 shareholder (Minister of Economy, Trade and Industry)/1 shareSubsidiaries & Affiliates : 53 Consolidated Subsidiaries & 15 Affiliates

Business activities in 26 countries. （71 project）The international oil & gas exploration company with the biggest production and reserves among Japanese companies

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

3

4

Major Assets in Production & Development

In Development Undeveloped (Discovered)In Production Preparation for Development(Discovered)

North Caspian Sea Block(Kashagan Oil Field, etc)

Offshore North Campos Frade Block

WA-37-R(Ichthys Gas Condensate Field )

Masela Block (Abadi)

Berau Block (Tangguh Unit)

Sakhalin 1

ACG Oil Field

South Natuna Sea Block B

JPDA03-12(Bayu-Undan Oil & Gas Field)

Offshore Mahakam Block/Attaka Unit

ADMA Block

El Ouar I/II

Minami-Nagaoka Gas Field

Copa Macoya/GuaricoOriental Blocks

Offshore D.R. Congo Block

Ohanet Block

WA-35-L(Van Gogh Field)

Joslyn Oil Sands Project

JPDA06-105(Kitan Oil Field)

Ship Shoal 72, Main Pass 118, West Cameron 401/402, LSL

WA-43-L(Ravensworth Field)

Sebuku Block(Ruby Gas Field)

71 Proceeding Projects in 26 Countries

5

Ichthys Project / Abadi Project

WA-285-P Block

Masela Block

◆ Offshore Western Australia, Australia◆ Discovered the high-potential gas and

condensate field in 2000. Preparationfor exploration is ongoing.

◆ Operator: INPEX CORPORATION◆ Interests ratio: 76%◆ Production volume (expected):

8.4 MM t/y of LNG 1.6 MM t/y of LPG

◆Production start target: 4Q 2016

◆ Arafura Sea, Indonesia◆ Discovered gas-condensate field in

2000. Exploration activities are ongoing.◆ Operator: INPEX CORPORATION◆ Interests ratio: 90%

（Agreed to transfer a 30% participating interest to a subsidiary of Shell）

◆ Production volume (expected):2.5 MM t/y of LNG.

Ichthys Project

Abadi Project

L N G

Gas Export Pipeline42” x approx. 885km

BrewsterSubsea Wells

Future PloverSubsea Wells

FlexibleRisers

CPF FPSO

Darwin Onshore Plant

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

4

6

Domestic Natural Gas Business

– Minami-Nagaoka Gas Field (production commenced in 1984)

– Gas Distribution:To Town Gas Enterprises, Commercial and Industrial Users in 8 Prefectures through Pipeline Network of Approx. 1,400km in Total

– Natural Gas Sales: Approx. 1.7 billion m3

(Fiscal Year 2011)– Introduction of LNG from Shizuoka Gas

Co., Ltd. in 2010– Construction of LNG receiving terminal in

Joetsu City (Start-up target: 2014)

Domestic gas

LNG(regasified)

LNG(from 2014 - )

Domestic Pipeline Network

7

To Establish Gas Supply Chain

Steady progress of large-scale LNG projects (Ichthys and Abadi)

Diversifying source of feed gas for expansion of domestic natural gas business

Optimal utilization of domestic gas and overseas LNGConnect domestic pipeline network with overseas sources

Early commercialization of discovered oil & gas fields overseasActive exploration and production overseas

DistributionExploration& Production Liquefaction gasification

Shipping &Re-gasification

(Bontang LNG Plant)(DST in Masela Block) (Naoetsu LNG Receiving Terminal ) (Shizuoka Line)

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

5

Overview of Naoetsu LNG Receiving Terminal

9

-Naoetsu LNG Receiving Terminal- Construction Site

Aerial photo as of Dec. 2008 by Niigata port and airport development office, Hokuriku Regional Development Bureau, Ministry of Land, Infrastructure and Tourism

Naoetsu Port

Construction Site

Land Area: Approx. 25ha

Chubu Electrical Power Co., Inc.

Joetsu Thermal Power Station

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

6

10

-Naoetsu LNG Receiving Terminal- Abstracts

• Gas Production Capability：7.5Million Nm3/d（LNG 240ton/hr）• LNG Storage Tanks ：180,000kL×2 （1 addition in future）

• Investment ：Approx. 100 Billion JPY (Incl. Land Acquisition Cost)• Operation Start：2014

LNG Ship

LNG Storage Tank

LPG Storage Tank

Vaporizer

CalorificAdjustment

Boil Off GasCompressor

C. C. R.

Construction Schedule of Naoetsu LNG Receiving Terminal

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

7

12

● In-field activities with crane work are not assumed to be possible due to severe winter weather conditions for about three months and half from November to Mid-March

Calendar Year 2009 2010 2011 2012 2013

LNG Storage Tank Civil Const.

(J.V. for Tank)

LNG Storage Tank Mechanical Const.

(J.V. for Tank)

Plant Facility(Chiyoda Corp.)

Berth(Toa Corp.)

-Naoetsu LNG Receiving Terminal- Construction Schedule

Soil Improvement, Pile & Base Slab

Base Slab & PC Dike PC Dike

Close of Tentative Opening of PC Dike

Side Insulation

Base Plate & Roof Roof & Air Raising Side Plate Pressure Test O2 Purge

Pile & Foundation Piping & Machinery Installation

Piping, Insulation, Electrical and Control Equipment Installation, Test & Commissioning

Seawater Intake & Discharge, Berth Berth

Contractors：LNG Storage Tank : Joint Venture

Toyo Kanetsu K. K.（Mech.）Shimizu Corporation（Civil）

Plant Facility : Chiyoda CorporationBerth : Toa Corporation

13

-Naoetsu LNG Receiving Terminal- Aerial Photo - #1

Oct. 2009

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

8

14

-Naoetsu LNG Receiving Terminal- Aerial Photo - #2

Apr. 2010

15

-Naoetsu LNG Receiving Terminal- Aerial Photo - #3

Nov. 2010

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

9

16

-Naoetsu LNG Receiving Terminal- Aerial Photo - #4

May. 2011

17

-Naoetsu LNG Receiving Terminal- Aerial Photo - #5

Sep. 2011

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA

10

End

The Fourth Japan–Russia Energy and Environment Dialogue in Niigata S1-2 UNE

©ERINA